Iraq Reviews Oil and Natural Gas Law

[olbaid76]

august 31, 2011

BAGHDAD, (UPI) — Iraqi leaders need to approve the draft oil and gas law because oil wealth is the “only source” available to rebuild the country, a Shiite lawmaker said.

The Iraqi Cabinet during the weekend approved a draft oil and natural gas law and passed it on to Parliament for endorsement. The agreement would trump existing laws governing the country’s oil and gas, a government spokesman said.

Iraq has been without a hydrocarbons law that would spell out who controls what in terms of oil wealth in the country. Despite the political stalemate regarding the law, major oil companies continue to flock to the country, landing nearly a dozen deals in energy-rich Iraq.

Mohammed al-Sayhood, a lawmaker in the Shiite Iraqi National Alliance, told the Voices of Iraq news agency the issue was politicized but important for the country.

“The oil and gas law is important because it is the only source to build Iraqi economy and infrastructure,” he was quoted as saying.

Draft measures had been considered since 2007. Iraq is preparing for another round of auctions in January. Lawmakers are set to review the draft after celebrations marking the end of Ramadan conclude.

[HYDRANT]

i hope they can pass this but very doubtfull---their will be a hold up on this with changes as reading the prev.artical yesterday.....but with the deals on the side lines for jan i look for this to finally take place this year..hopefully they can get this passed through parliment by sept or oct.2011----this is a big one for IRAQ as it is the key to their economy.

[RAGARCIA62]

if its their only source of funds to rebuild their economy and infrastructure they should have completed it a long time ago. what a bunch of dumb as...s